LAKE BUENA VISTA, Fla. -- The Walt Disney Co. board of directors
Feb. 16 unanimously rejected Comcast's acquisition bid, which
called for exchanging .78 of a share of Comcast for each Disney
The board pointed out that Comcast shares were selling at $3.60
less per share than Disney's stock.
"We are committed to creating shareholder value now and in the
future and will carefully consider any legitimate proposal that
would accomplish that objective," the board said in a
Meanwhile, Comcast said its offer price "reflects a full and
generous valuation based upon Disney's prospects and performance
over a long period of time, representing a significant premium over
Disney's unaffected share price during any relevant measurement
period over the last three years. We maintain the belief that our
merger proposal represents a sound and compelling proposition for
both sets of shareholders."
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